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Thread: House Passes Sweeping Student Loan Market Overhaul

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by RightinNYC View Post
    I also have an asston of stafford loans and PLUS loans. The stafford loans have a 0% origination fee and are accumulating interest at 6.5% interest, though some are subsidized til graduation. The PLUS loans had a 3% origination fee and are accumulating interest at 8.5%.

    I know which one of those two arrangements I prefer.
    How the hell did you get screwed like that on your stafford? Mine had a 2.2% interest rate.

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by Redress View Post
    I am not sure why this is being done. Does any one know the why of this? Was there some problem with the old system, or does this improve it somehow?
    To win the college vote for the next election.
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    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by apdst View Post
    To win the college vote for the next election.
    OK, let me rephrase. Does any one have a realistic idea why this is being done?

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by Redress View Post
    OK, let me rephrase. Does any one have a realistic idea why this is being done?
    I was being realistic...

    How many times are Dem politicos going to bring this up on the campaign trail? Lots, I'm sure. It's gonna be same 'ole rap: "Look at the free money we gave you". Ultimately, "you're a racist if you don't vote for me", and, "I'll give you something for free", are the only real platforms Democrats have to run on.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by RightinNYC View Post
    House Passes Sweeping Student-Loan-Market Overhaul - WSJ.com



    The WSJ article is updated with the result, but this Wash post article has more details:

    washingtonpost.com



    I'm not sure I really understand what they're talking about doing here, so I'd appreciate an explanation from anyone else who has more details. Here are the things that I know:

    1) Money doesn't come from thin air. If they're "saving $80b," it's coming out of something. It looks like it's coming from the private loan companies who provide most of the loans out there and will be then be redirected to Pell grants and other PR-friendly causes. The obvious implication is that this will result in private lenders raising their rates.

    2) I really, really don't like the idea of the federal government becoming the only originator.

    I have an asston of private loans through citibank. They had a 0% origination fee and are accumulating interest at rates between 2.25% and 2.75%.

    I also have an asston of stafford loans and PLUS loans. The stafford loans have a 0% origination fee and are accumulating interest at 6.5% interest, though some are subsidized til graduation. The PLUS loans had a 3% origination fee and are accumulating interest at 8.5%.

    I know which one of those two arrangements I prefer.
    Single-Payer FTW?

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by jallman View Post
    How the hell did you get screwed like that on your stafford? Mine had a 2.2% interest rate.
    Timing. When I was in UG, the fixed rate for staffords were 6.8% (i said 6.5 in the OP by mistake.) Now that I'm out of UG, they're dropping for UG students in each of the next few years. However, graduate ones are stuck at the same level.

    Undergraduate Stafford Loan Information

    Sucks, especially when you consider that Citibank cut me off from the good **** after I passed their lifetime limit. They tried to get me hooked on that stepped-on PLUS loan bull****, but I told them to back the **** off.

    edit: Though after going back and looking, for some reason my staffords from my freshman year are now at 1.88%. I have absolutely no idea on earth why this is.
    Last edited by RightinNYC; 09-17-09 at 09:00 PM.
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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by RightinNYC View Post
    Timing. When I was in UG, the fixed rate for staffords were 6.8% (i said 6.5 in the OP by mistake.) Now that I'm out of UG, they're dropping for UG students in each of the next few years. However, graduate ones are stuck at the same level.

    Undergraduate Stafford Loan Information

    Sucks, especially when you consider that Citibank cut me off from the good **** after I passed their lifetime limit. They tried to get me hooked on that stepped-on PLUS loan bull****, but I told them to back the **** off.

    edit: Though after going back and looking, for some reason my staffords from my freshman year are now at 1.88%. I have absolutely no idea on earth why this is.
    Wow...that really does suck. I'm sorry you got shafted with that kind of rate, man. As I said, my two were at 2.2%.

    Did you get the standard 6 months after college to start paying them back? I paid on my all through college but I think they gave 6 months after your last enrollment before you were actually obligated. I may not be remembering that correctly though.

    I probably ought to check josh's loans and see what he got shafted with now. LOL

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by jallman View Post
    Wow...that really does suck. I'm sorry you got shafted with that kind of rate, man. As I said, my two were at 2.2%.

    Did you get the standard 6 months after college to start paying them back? I paid on my all through college but I think they gave 6 months after your last enrollment before you were actually obligated. I may not be remembering that correctly though.

    I probably ought to check josh's loans and see what he got shafted with now. LOL
    You got student loans for 2.2%? Hell mine were 6%, and that was over 20 years ago.
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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by apdst View Post
    To win the college vote for the next election.
    I dont think the college vote was ever his problem

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    Re: House Passes Sweeping Student Loan Market Overhaul

    Quote Originally Posted by PogueMoran View Post
    I dont think the college vote was ever his problem
    And he's going to make sure that it doesn't become one. He's already lost a buncha votes, so he has to try and secure as many as possible.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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